Historical replay · BTC/USD
The October 2025 Tariff Flash Crash
On October 10, 2025, a surprise tariff announcement triggered the largest single-day liquidation event in crypto history, sending Bitcoin from over $121,000 to below $103,000 in hours. Relive it candle by candle.
On October 10, 2025, a surprise announcement of steep new tariffs on Chinese imports rattled risk assets worldwide, hitting crypto especially hard given the enormous amount of leveraged positioning that had built up during the run toward Bitcoin's prior highs.
Bitcoin fell from an intraday high near $122,550 to a low around $102,000 in a matter of hours — roughly 16% peak to trough in a single session — part of a broader liquidation cascade across the crypto derivatives market that wiped out billions of dollars in leveraged positions, one of the largest single-day liquidation events ever recorded in the industry.
Price stabilized in the following days, finding a floor and starting to claw back part of the loss within 48 hours — a pattern typical of leverage-driven flash crashes: the initial move overshoots to the downside as forced liquidations cascade, then partially reverses once the forced selling is exhausted.